Purple Style Labs, the Luxury fashion house and the parent of Pernia’s Pop-Up Shop, has raised US $ 14 Million (about Rs. 114.5 crore) in Series C funding.
This funding round was led by ValueQuest, ScaleFund, Singularity Growth Opportunities Fund I, ValPro, Masaba Gupta, among others.
The existing investors Astarc Ventures, Param Capital partner Mukul Agrawal, and Xander Group founder Sid Yog also participated in the funding round.
Founded in 2015, by Abhishek Agarwal, Purple Style Labs retails high-end designer brands under Pernia’s Pop-Up Shop brand. It also incubates young designer brands and helps them with sales, marketing, and technical support.
The fashion house acquired Pernia’s Pop-Up Shop in 2018. Abhishek claimed that the startup has scaled Pernia’s Pop-Up Shop over 70 times in the last five years. Since the acquisition of Pernia’s Pop-Up Shop in 2018, Purple Style Labs has opened 15 Pernia’s Pop-Up Studio experience centres across Indian metro cities and an international store in Mayfair, London.
Abhishek believes that in the coming years, Purple Style Labs hope to achieve new heights with more key international locations, broadening its presence and taking Indian fashion and design to the next level.
Purple Style Labs’ revenue from operations jumped 4 times to Rs 174.63 crore during FY22 as compared to Rs 44.07 crore in FY21. Its losses surged 60.5 per cent to Rs 51.74 crore in FY22 from Rs 32.23 crore in FY 21.
